Chewy
CHWY NYSE Other Specialty Retail Financials FY2017–FY2025
Chewy's revenue rose 6.2% to $12.6 billion in fiscal 2025. Its operating margin was 2.0%, up from 0.9% a year earlier. Free cash flow was $562 million, up 24.3%. It paid out $262 million in dividends and buybacks, 47% of free cash flow. The diluted share count fell 1.2%.
About these figures. Chewy reports no borrowings (its credit line is undrawn), so debt is counted as zero.
What Chewy does
Chewy is an online pet retailer. Through its websites and mobile apps it sells pet food, treats, supplies and medications to pet owners in the United States and Canada. It carries about 4,000 brands and about 190,000 products and services, including its own private brands such as Frisco and American Journey. Many customers sign up for Autoship, a subscription that delivers items on a regular schedule.
Most of its revenue comes from selling products online. Chewy also earns money from pet health services: it runs a pharmacy, a telehealth service called Connect with a Vet, pet insurance and wellness plans called CarePlus, and a growing number of veterinary clinics under the name Chewy Vet Care (18 at the end of 2025). It also sells advertising to its vendor partners and offers PracticeHub, a tool that lets vet practices sell through Chewy.
Chewy ships from fulfillment centers in the US and Canada and says it can serve over 80% of the US population overnight. It competes with other online retailers, pet specialty stores, big-box and grocery stores, and veterinary clinics. It had about 18,000 full-time and part-time employees as of February 1, 2026.
- Legal name
- Chewy, Inc.
- Fiscal year ends
- February 1, 2026
- Latest annual report
- 10-K · Mar 25, 2026
- Accession · CIK
- 0001766502-26-000034
0001766502
Revenue and margins
Chewy had $12.6B of revenue in fiscal 2025, up 6.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $562M in fiscal 2025, 4.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Chewy returned $263M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count fell 1.2%.
Value Chewy yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $879M and divides by 425.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 33.2x · peers 20.1x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Chewy can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $603M | $679M | $1.1B | $597M | $879M |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | — | −4.9x | −13.2x | −2.6x | −2.3x |
| Debt / equity | — | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −34.0x | 21.9x | −6.6x | 20.4x | 55.3x |
| Current ratio | 0.8x | 0.8x | 1.0x | 0.8x | 0.9x |
| Quick ratio | 0.5x | 0.5x | 0.7x | 0.4x | 0.5x |
| Total assets | $2.1B | $2.5B | $3.2B | $3.0B | $3.4B |
| Total liabilities | $2.1B | $2.4B | $2.7B | $2.8B | $2.9B |
| Shareholders' equity | −$39.6M | $160M | $510M | $262M | $498M |
| Net debt (− = net cash) | −$603M | −$679M | −$1.1B | −$597M | −$879M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.2M
5 insiders
Of sales under plans
96%
$6.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | William G. BillingsChief Accounting Officer | Sold plan | 17,283 | $21.00 | $0.4M | Form 4 |
| Aug 3, 2026 | Sumit SinghChief Executive Officer, Director | Sold plan | 49,477 | $23.01 | $1.1M | Form 4 |
| Jun 29, 2026 | Da-Wai HuGeneral Counsel & Secretary | Sold | 4,203 | $19.49 | $0.1M | Form 4 |
| May 4, 2026 | Sumit SinghChief Executive Officer, Director | Sold plan | 87,526 | $25.60 | $2.2M | Form 4 |
| Apr 1, 2026 | Da-Wai HuGeneral Counsel & Secretary | Sold | 8,149 | $26.91 | $0.2M | Form 4 |
| Mar 2, 2026 | Christopher S. DeppeChief Financial Officer | Sold plan | 3,043 | $26.87 | $0.1M | Form 4 |
| Feb 2, 2026 | Satish MehtaChief Technology Officer | Sold plan | 13,013 | $28.99 | $0.4M | Form 4 |
| Dec 3, 2025 | Satish MehtaChief Technology Officer | Sold plan | 8,872 | $33.53 | $0.3M | Form 4 |
| Dec 2, 2025 | Satish MehtaChief Technology Officer | Sold plan | 6,056 | $33.73 | $0.2M | Form 4 |
| Dec 2, 2025 | Sumit SinghChief Executive Officer, Director | Sold plan | 41,428 | $33.73 | $1.4M | Form 4 |
| Nov 4, 2025 | Satish MehtaChief Technology Officer | Sold plan | 4,642 | $32.65 | $0.2M | Form 4 |
| Nov 3, 2025 | Sumit SinghChief Executive Officer, Director | Sold plan | 18,578 | $32.72 | $0.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | 5 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | −15.7% | −6.6% | −14.7% |
| Altman Z'' | −1.88 | −2.55 | −1.15 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Chewy CHWY | $9.0B | 6.2% | 2.0% | 4.5% | — | 33.2x | 7 | |
| Ulta Beauty ULTA | $26.9B | 9.7% | 12.4% | 8.6% | 55.8% | 22.8x | 6 | Compare → |
| Tractor Supply TSCO | $17.5B | 4.3% | 9.5% | 4.8% | 28.5% | 17.4x | 6 | Compare → |
| Bath & Body Works BBWI | $4.2B | −0.2% | 15.4% | 11.9% | 47.5% | 5.5x | 5 | Compare → |
| Winmark WINA | $1.0B | 5.9% | 63.4% | 52.0% | — | 25.0x | — | Compare → |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $2.1B | $3.5B | $4.8B | $7.1B | $9.0B | $10.1B | $11.1B | $11.9B | $12.6B |
| Gross profit | $368M | $715M | $1.1B | $1.8B | $2.4B | $2.8B | $3.2B | $3.5B | $3.8B |
| Operating income | −$338M | −$268M | −$253M | −$90.5M | −$73.6M | $56.4M | −$23.6M | $113M | $254M |
| Interest expense | $0.1M | $0.0M | $0.4M | $2.2M | $2.2M | $2.6M | $3.6M | $5.5M | $4.6M |
| Pretax income | −$338M | −$268M | −$252M | −$92.5M | −$75.2M | $52.5M | $48.3M | $152M | $263M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.6M | $8.7M | −$241M | $40.5M |
| Net income | −$338M | −$268M | −$252M | −$92.5M | −$75.2M | $49.9M | $39.6M | $393M | $223M |
| Diluted EPS | −$2.67 | −$0.68 | −$0.63 | −$0.23 | −$0.18 | $0.12 | $0.09 | $0.91 | $0.52 |
| Diluted shares | 0.26B | 0.39B | 0.40B | 0.41B | 0.42B | 0.43B | 0.43B | 0.43B | 0.43B |
| Cash flow | |||||||||
| Cash from operations | −$79.7M | −$13.4M | $46.6M | $133M | $192M | $350M | $486M | $596M | $692M |
| Capital expenditure | $40.3M | $44.2M | $48.6M | $131M | $183M | $230M | $143M | $144M | $129M |
| Free cash flow | −$120M | −$57.6M | −$2.1M | $2.0M | $8.6M | $119M | $343M | $453M | $562M |
| Depreciation and amortization | $12.5M | $23.2M | $30.6M | $35.7M | $55.3M | $83.4M | $110M | $115M | $129M |
| Stock-based compensation | $11.2M | $14.4M | $135M | $121M | $77.8M | $158M | $239M | $306M | $298M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $40.0M | $0.4M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $943M | $263M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $943M | $263M |
| Balance sheet | |||||||||
| Cash and short-term investments | $68.8M | $88.3M | $212M | $563M | $603M | $679M | $1.1B | $597M | $879M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $449M | $630M | $1.2B | $1.3B | $1.5B | $2.1B | $1.7B | $2.0B |
| Current liabilities | — | $814M | $1.1B | $1.4B | $1.6B | $1.8B | $2.1B | $2.2B | $2.3B |
| Inventory | $0.0M | $221M | $318M | $513M | $560M | $678M | $719M | $837M | $865M |
| Property and equipment, net | — | $91.7M | $119M | $210M | $367M | $479M | $521M | $562M | $552M |
| Total assets | — | $542M | $932M | $1.7B | $2.1B | $2.5B | $3.2B | $3.0B | $3.4B |
| Total liabilities | — | $878M | $1.3B | $1.7B | $2.1B | $2.4B | $2.7B | $2.8B | $2.9B |
| Shareholders' equity | −$83.7M | −$336M | −$404M | −$55.0M | −$39.6M | $160M | $510M | $262M | $498M |
| Margins | |||||||||
| Gross margin | 17.5% | 20.2% | 23.6% | 25.5% | 26.6% | 28.0% | 28.4% | 29.2% | 29.8% |
| Operating margin | −16.1% | −7.6% | −5.2% | −1.3% | −0.8% | 0.6% | −0.2% | 1.0% | 2.0% |
| EBITDA margin | −15.5% | −6.9% | −4.6% | −0.8% | −0.2% | 1.4% | 0.8% | 1.9% | 3.0% |
| Net margin | −16.1% | −7.6% | −5.2% | −1.3% | −0.8% | 0.5% | 0.4% | 3.3% | 1.8% |
| FCF margin | −5.7% | −1.6% | −0.0% | 0.0% | 0.1% | 1.2% | 3.1% | 3.8% | 4.5% |
| Returns | |||||||||
| Return on capital employed | — | — | 114.7% | −94.3% | −18.4% | 10.0% | −2.7% | 12.0% | 27.2% |
| Return on equity | — | — | — | — | — | — | 11.8% | 101.8% | 58.7% |
| Return on assets | — | — | −34.2% | −6.9% | −3.9% | 2.2% | 1.4% | 12.7% | 7.0% |
| Growth | |||||||||
| Revenue growth | — | 67.9% | 37.2% | 47.4% | 25.5% | 12.8% | 10.2% | 6.4% | 6.2% |
| Net income growth | — | — | — | — | — | — | −20.6% | 891.7% | −43.3% |
| EPS growth | — | — | — | — | — | — | −25.0% | 911.1% | −42.9% |
| FCF growth | — | — | — | — | 325.3% | 1,296.1% | 187.0% | 32.0% | 24.3% |
| Share count change | — | 49.9% | 1.3% | 2.3% | 2.5% | 2.5% | 1.0% | −0.2% | −1.2% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | — | — | — | −4.9x | −13.2x | −2.6x | −2.3x |
| Debt / equity | — | — | — | — | — | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | −6,142.8x | −7,875.5x | −673.9x | −41.7x | −34.0x | 21.9x | −6.6x | 20.4x | 55.3x |
| Current ratio | — | 0.6x | 0.6x | 0.9x | 0.8x | 0.8x | 1.0x | 0.8x | 0.9x |
| Quick ratio | — | 0.3x | 0.3x | 0.5x | 0.5x | 0.5x | 0.7x | 0.4x | 0.5x |
| Capital allocation | |||||||||
| Capex / revenue | 1.9% | 1.3% | 1.0% | 1.8% | 2.0% | 2.3% | 1.3% | 1.2% | 1.0% |
| Stock comp / revenue | 0.5% | 0.4% | 2.8% | 1.7% | 0.9% | 1.6% | 2.1% | 2.6% | 2.4% |
| Payouts / FCF | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 208.4% | 46.7% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 5.0 | 4.0 | 6.0 | 5.0 | 6.0 | 7.0 |
| Altman Z'' | — | −17.7 | −11.9 | −4.6 | −4.4 | −3.2 | −1.9 | −2.6 | −1.2 |
| Accruals ratio | — | — | −40.6% | −16.9% | −14.0% | −13.0% | −15.7% | −6.6% | −14.7% |
Source: SEC EDGAR XBRL filings (CIK 0001766502). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.